NVIDIA reported record revenue of $26.044 billion for its first quarter of fiscal 2025, up 262% from $7.192 billion a year earlier. The quarter ended April 28, 2024; “Q1” refers to NVIDIA’s fiscal calendar, not the first calendar quarter of 2025. Data Center revenue drove the result, while the company also reported sharply higher profit and forecast further revenue growth for the following quarter.
What NVIDIA reported
The figures below are for the quarter ended April 28, 2024, compared with the same fiscal quarter a year earlier. NVIDIA announced them on May 22, 2024.
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| Metric | Q1 FY2025 | Year-over-year change |
|---|---|---|
| Revenue | $26.044 billion | +262% |
| GAAP gross margin | 78.4% | +13.8 percentage points |
| GAAP operating income | $16.909 billion | +690% |
| GAAP net income | $14.881 billion | +628% |
| GAAP diluted earnings per share | $5.98 | +629% |
| Non-GAAP diluted earnings per share | $6.12 | +461% |
The 262% figure applies to revenue, not profit. Revenue was also 18% higher than the $22.103 billion reported in the immediately preceding quarter. NVIDIA’s earnings release reports both GAAP and non-GAAP measures. GAAP follows standard accounting rules; NVIDIA’s non-GAAP calculations exclude certain costs, including stock-based compensation and acquisition-related and other costs. The two measures are not interchangeable, so each figure above is labeled separately.
Data Center accounted for most of the growth
NVIDIA’s Data Center segment generated $22.563 billion, up 427% year over year and 23% sequentially. That was approximately 87% of total revenue, calculated from the company’s reported segment and total figures. Data Center revenue was more than eight times Gaming revenue in the quarter.
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The segment is broader than sales of individual GPUs: it includes data-center products and systems. NVIDIA attributed its growth to demand for generative-AI training and inference using its Hopper platform. Training is the process of building or fine-tuning a model; inference is using a trained model to produce responses, predictions, or generated content. Both can require substantial accelerated computing, though their hardware needs and usage patterns can differ.
Demand was not limited to large cloud providers. NVIDIA described sales and opportunities involving consumer internet companies, enterprises, sovereign AI initiatives, automotive, and healthcare. The scale of the quarter shows how strongly customers were investing in AI infrastructure at that time; it does not establish that every customer was equally profitable or that spending would keep growing at the same pace.
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Growth differed across NVIDIA’s other businesses
| Segment | Q1 FY2025 revenue | Year over year | Sequentially |
|---|---|---|---|
| Gaming | $2.647 billion | +18% | −8% |
| Professional Visualization | $427 million | +45% | −8% |
| Automotive | $329 million | +11% | +17% |
Gaming remained a substantial business, but it was no longer the main explanation for NVIDIA’s rapid expansion. The segment figures and comparisons are from the company’s Q1 fiscal 2025 results.
Profitability rose, but margins were expected to moderate
GAAP gross margin was 78.4%, compared with 64.6% a year earlier; non-GAAP gross margin was 78.9%, compared with 66.8%. Gross margin measures the share of revenue left after the cost of revenue, before operating expenses and other items. The result indicates that NVIDIA’s exceptional revenue growth coincided with strong gross profitability, not just a larger sales base.
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Product mix weighted toward high-demand AI infrastructure and NVIDIA’s position in accelerated computing and its software ecosystem may help explain the strength, but the release does not quantify the contribution of each factor. Margin should not be treated as fixed: NVIDIA’s Q2 fiscal 2025 outlook called for GAAP gross margin of 74.8%, plus or minus 0.5 percentage points, and non-GAAP gross margin of 75.5%, plus or minus 0.5 percentage points. Product transitions and supply conditions could also affect future results.
Q2 guidance pointed to further growth, not a guarantee
| Q2 fiscal 2025 outlook | NVIDIA’s guidance |
|---|---|
| Revenue | $28.0 billion, plus or minus 2% |
| GAAP gross margin | 74.8%, plus or minus 0.5 percentage points |
| Non-GAAP gross margin | 75.5%, plus or minus 0.5 percentage points |
| GAAP operating expenses | Approximately $4.0 billion |
| Non-GAAP operating expenses | Approximately $2.8 billion |
The $28 billion revenue midpoint was about 7.5% above Q1 revenue, based on NVIDIA’s reported results and outlook. This was management guidance for the next quarter, not a promise or a longer-term forecast.
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Blackwell marked the next product cycle
Hopper was the platform NVIDIA associated with the reported quarter’s Data Center demand. The company said its next-generation Blackwell platform was in full production and described it as a foundation for trillion-parameter-scale generative AI. That announcement positioned Blackwell as the next major product cycle; it should not be read as evidence that Blackwell materially drove Q1 revenue.
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A transition can create opportunity as customers adopt newer systems, but it also brings execution questions. Customers may accelerate current deployments, wait for the new platform, or encounter supply constraints during the changeover. The result depends on product availability, customer timing, and NVIDIA’s ability to deliver at scale.
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NVIDIA was selling a broader AI infrastructure proposition
Alongside chips, NVIDIA highlighted Spectrum-X Ethernet networking for AI data centers, NVIDIA NIM inference microservices, AI Enterprise 5.0, CUDA, and integrations with ecosystem partners. These initiatives reflect an effort to capture value across hardware, networking, systems, and software rather than operate only as a chip supplier.
The reported quarter’s revenue is a realized financial result; the broader software and networking ambitions are strategic positioning and potential opportunities, not proof of future revenue. CEO Jensen Huang described the shift from traditional data centers to accelerated-computing “AI factories” as an industrial transition. In practical terms, that vision implies more investment in computing systems as well as networking, memory, cooling, and power—and depends on customers continuing to fund AI infrastructure.
What the stock split and dividend change meant
NVIDIA announced a 10-for-1 forward stock split. The record date was the close of market on June 6, 2024; the distribution was scheduled after market close on June 7, with split-adjusted trading expected to begin at market open on June 10. A split increases the number of shares and proportionally adjusts the per-share price; by itself, it does not change the company’s underlying market value or operating performance.
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The company also announced a 150% increase in its quarterly dividend, from $0.04 to $0.10 per pre-split share. That equates to $0.01 per share after the split. The post-split dividend was scheduled for payment on June 28, 2024, to shareholders of record on June 11, 2024.
What the quarter did—and did not—show
The clearest signal was the extraordinary scale of demand flowing through NVIDIA’s Data Center business, paired with rising profit and a management outlook for additional near-term growth. The result also left the company highly exposed to continued AI-infrastructure spending. A narrower revenue base can make growth sensitive to large customers’ investment decisions; strong margins may attract competitors and encourage customers to develop alternatives; and product transitions depend on supply and execution. The quarter documented a powerful period of demand, not its permanence.
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